Mergers & acquisitions
BioSpace spoke with industry executives and investors about the current economic situation in the biotech industry and sourced tips on how leaders can weather the downturn.
Gemini Therapeutics and Disc Medicine have announced plans to merge in an all-stock deal. The combined company will work to advance Disc’s pipeline of hematology programs.
Biogen expects to lay off a potential 1,000 staffers in an effort to cut about $1 billion in costs, according to The Boston Globe, while 10x Genomics and Talis Biomedical also cut staff.
A recent report predicts multiple acquisitions are set to be announced in the second half of the year, particularly by companies that have strong revenue streams from COVID-19 products.
Pfizer announced Monday that it is acquiring the hematology-focused company for $5.4 billion in order to bolster its presence in the multi-billion dollar rare disease market.
Gilead snapped up U.K.-based MiroBio in a $405 million deal that will bring its checkpoint agonists and discovery platform under Gilead’s umbrella.
In its Q2 earnings report, Amgen revealed the demise of two HLE BiTE molecules. Also on Thursday, the company announced it is acquiring ChemoCentryx for $4 billion.
The biotech industry is facing what some consider the worst times since its inception. Several market analysts recently shared their thoughts.
The transaction, Ginkgo’s largest acquisition to date, is expected to close by the first quarter of 2023, subject to regulatory approval and other closing conditions.
The buyout comes on the heels of promising Phase I/II results from GTX-102, an antisense oligonucleotide candidate being developed to treat Angelman syndrome.
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